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Illustration: Aïda Amer/Axios
Enel Group, the Italy-based global power giant, is planning to spend $190 billion over the next decade in a push that includes a huge expansion of renewables and wider clean-energy infrastructure and business lines.
By the numbers: The company, already a big renewables player, said Tuesday that it's devoting $83 billion toward plans to grow its installed renewables capacity to 120 gigawatts by 2030, up from about 45 GW now.
- The plan also includes investments in storage, hydrogen, digital networks and electrification more broadly.
Why it matters: It's part of a wider push by some of the world's largest energy companies to bet their future on huge new investments in low-carbon power and services.
Catch up fast: Earlier this month, the Spain-based multinational Iberdrola unveiled plans to invest almost $89 billion over the next five years, with most of the money going to renewables growth and grid enhancements.
Go deeper: Europe’s biggest utility company to ramp up spending on wind and solar power (WSJ)